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3 <br />NORTH CAROLINA <br />ORANGE COUNTY <br />CONTRACT FOR PURCHASE OF REAL PROPERTY <br />THIS CONTRACT FOR PURCHASE OF REAL PROPERTY (the "Contract") is made and <br />entered into this day of .2004, by and between NORCA HOLDINGS, LLC, a <br />Delaware limited liability company, and its permitted successors or assigns ("Seller"); uid <br />ORANGE COUNTI', a body politic and corporate, and its permitted successors and assigns <br />("Buyer"). <br />STATEMENT OF PURPOSE <br />Seller intends to purchase that certain tract of land located in Orange County, North <br />Carolina, as described more particularly below. Subject to Seller's acquisition of the Property <br />(as defined below), Buyer intends to acquire the Property (as defined below) from Seller upon <br />the terms and conditions contained in this Contract. Contingent upon it acquiring the Property, <br />Seller is willing to sell and convey the Property to the Buyer in accordance with the terms and <br />conditions of this Contract. <br />Subject to the terms and conditions of this Contract, and in consideration of the premises <br />and the respective agreements contained herein, and other good and valuable consideration, the <br />receipt and sufficiency of which are hereby acknowledged, the Seller and Buyer hereby agree as <br />follov,~s: <br />CONTRACT: <br />1. Description of Subject Property. The property which is the subject of this <br />Contract is described as follows: <br />a. All that certain lot or parcel of land in Orange County, containhig approximately <br />20 acres more or less and generally described as Parcel 16 Community College on the <br />Waterstone Land Use Plan attached hereto and incorporated herein by reference as Exhibit A <br />(the "Land"). A mare particular description of the Laud will be attached to this Contract and <br />incorporated herein as Exhibit B once the Survey (as defined below), is completed. Each party <br />will sign and date the exhibit once attached in order to acknowledge their consent thereto, and <br />once signed and dated, Exhibit B shall become an integral part of this Contract to the carne <br />degree as if. it had been attached hereto and incorporated by reference on the date first above <br />written. <br />b. All rights, privileges, and easements appurtenant to the Land, including all rights <br />of view, light and air, water rights, rights of way, or other appurtenances used in connection with <br />the beneficial use of the Land. <br />c. All improvements and fixtures located on the Land and all structures and <br />amenities located on the Land as of the date on which the Land is conveyed to Buyer, if any. <br />RTP 84406v7 <br />